Universal Health Services, Inc. (NYSE: UHS) has reported its financial results for the second quarter of 2024, with reported net income attributable to UHS at $289.2 million, or $4.26 per diluted share, representing an increase from $171.3 million, or $2.42 per diluted share, during the same period in 2023. Net revenues also saw a significant uptick, rising 10.1% to $3.908 billion compared to $3.548 billion in the second quarter of 2023.
The adjusted net income attributable to UHS for the second quarter of 2024 was $292.6 million, or $4.31 per diluted share, compared to $179.4 million, or $2.53 per diluted share, in the second quarter of 2023. Earnings before interest, taxes, depreciation & amortization (EBITDA) also experienced a substantial increase, reaching $573.2 million, or 14.7% of net revenues, during the second quarter of 2024, compared to $419.3 million, or 11.8% of net revenues, in the second quarter of 2023.
For the six-month period ended June 30, 2024, reported net income attributable to UHS was $551.0 million, or $8.08 per diluted share, marking an increase from $334.4 million, or $4.70 per diluted share, during the same period in 2023. Net revenues for the first six months of 2024 also rose by 10.5% to $7.751 billion compared to $7.016 billion in the first six months of 2023.
In terms of operating metrics, Universal Health Services reported increases in adjusted admissions, adjusted patient days, and net revenues for both acute care services and behavioral health care services on a same facility basis for the second quarter and first six months of 2024 compared to the corresponding periods in 2023.
Furthermore, the company's net cash provided by operating activities saw a significant increase during the first six months of 2024, reaching $1.076 billion compared to $654 million during the same period in 2023. The company also announced an increase of $1.0 billion to its stock repurchase program authorization and revised its 2024 full-year operating results forecast, expecting increases in consolidated net revenues, adjusted EBITDA, and adjusted net income.
The revised 2024 forecasted net revenues are estimated to be approximately $15.565 billion to $15.753 billion, representing increases of 1.0% to 0.3% over the original 2024 forecasted net revenues. Adjusted EBITDA is estimated to be approximately $2.154 billion to $2.226 billion, representing increases of 11.5% to 10.3% over the original forecast. Adjusted EPS-diluted is estimated to be $15.40 per share to $16.20 per share, representing increases of 18.5% to 15.7% over the original forecasted figures.
The market has reacted to these announcements by moving the company's shares 11.3% to a price of $206.9. For more information, read the company's full 8-K submission here.
